Kentucky Foreclosure Laws

Foreclosures in Kentucky are handled through the judiciary. The normal period for processing the foreclosure sale is around six months.

Period of Pre-foreclosure

According to the foreclosure law in Kentucky there is an exception on abandoned properties according to which the lender can take possession of the property if a borrower defaults on his/her loan.

The normal way of a foreclosure procedure in the state of Kentucky involves the filing of a complaint and the serving of a notice of pending action also called the Lis Pendens before the foreclosure process can be initiated.

It is the duty of the County sheriff to deliver the notice of the pending action or Lis Pendens to the borrower and the borrower will have only 20 days to reply. If the borrower is unable to respond or fails to reply back then the lender has the right to ask the judiciary to give a ruling. If the court ruling is for the lender then the property will go into foreclosure and will be put up for sale. It is important to appraise the property before initiating the sale.

Auction Notice

Once the court rules against the borrower, the sale can happen within one month of the ruling.

According to the foreclosure law in Kentucky a sales notice has to be served to the borrower. This notice for sale or auction should include vital information like the venue of the sale, the date of the sale and the terms and conditions for the sale.

The notice will also be published for three consecutive weeks in any of the local newspapers. If the sale has to be postponed due to any reason then it can be done by issuing a court order.

The foreclosure sale in the state of Kentucky will be presided over and conducted by an official from the court also known as the master commissioner. The sale normally takes place in the courthouse, and the property is always sold to the highest bidder.

The bidder has the option of paying cash or post bonds. Once the sale is over, a motion to confirm will be heard, and then the deed can be prepared to be presented to the county clerk.

If the foreclosure sale price is lower than at least 2/3rd of the appraised value of the property then the borrower will get the right to redeem it from the winning bidder or buyer. The borrower will have to pay the foreclosure sale price as well as interest. The redemption period normally lasts for about a year from the date of the foreclosure sale.

If you need more information about Kentucky foreclosure laws, you should contact a foreclosure lawyer, or contact us so we can recommend one for you.

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